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Uber and JUMO team up to launch car finance platform

Uber is teaming up with JUMO, a financial technology company, to integrate JUMO Drive, a digital car financing product that companies use to simplify the problems that come along with vehicle ownership for current Uber drivers and partners.

JUMO Drive is a loan facility that includes the car, tracker, insurance and maintenance.

According to a statement released by JUMO, the product has been successfully piloted in Kenya, with the intention to expand the offering across Sub-Saharan Africa in 2019.

The company declined to disclose details of the rollout roadmap, but confirmed its aim to target "a number of key African markets" by the end of 2019.

JUMO says: "The vehicles are income generating assets for the drivers and so it was important to design a solution that safeguards the asset and ensures the driver's financial health, making it as easy as possible for them to get back on the road in case of breakdown or accidental damage."

According to the companies driver partners are offered an easy application process and flexible repayment structure.

Data prediction capability

Qualification for the loan is based on a credit score derived from JUMO's unique data prediction capabilities and driver behavioural data.

The credit risk score of the driver-partners is determined by the driver's earnings, trips and behaviour patterns ensuring that each driver receives offers that are individually designed.

Finance for the vehicles is provided by bank partners on the JUMO platform.

"The JUMO Drive and Uber app work together to generate and facilitate the credit scoring and application process for driver-partners. To ensure that driver-partners have a seamless and automated experience, all applications are transparent and require no upfront costs, no sign-up fees, no deposits," JUMO states.

The company adds that because the facility tailors the loan to each driver's unique behaviour and income, the percentage (to be repaid) varies from one individual to the next.